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Investor Presentation

METALSTECH LIMITED (ASX:MTC)F

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Important Information

This presentation has been prepared and issued by MetalsTech Limited (the “Company") to inform interested parties about the Company and its progress. Thematerial contained in this presentation sets out general background information on the Company and its activities. It does not constitute or contain an offer orinvitation to subscribe for or purchase any securities in the Company nor does it constitute an inducement to make an offer or invitation with respect to thosesecurities. No agreement to subscribe for or purchase securities in the Company will be entered into on the basis of this presentation. The information supplied is insummary form and does not purport to be complete. The Company, its directors, officers, employees, agents, affiliates and advisers have not verified the accuracyor completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Companymakes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, theauthenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in thispresentation.

You should neither act nor refrain from acting in reliance on this presentation material. This overview of the Company does not purport to contain all informationthat its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform yourown analysis in order to satisfy yourself as to the accuracy, and completeness of the information, statements and opinions contained in this presentation and whenmaking any decision in relation to this presentation or the Company. The information in this presentation does not take into account the objectives, financialsituations or needs of any particular individual. you should consider seeking independent professional advice based on your own objectives. To the extentpermitted by law the Company, its directors, officers, employees, agents, affiliates and advisers exclude any and all liability (including, without limitation, in respectof direct, indirect or consequential loss or damage or loss or damage arising out of negligence) arising as a result of the use of anything contained in or omittedfrom this presentation.

All statements, other than statements of historical fact, included in the presentation, including without limitation, statements regarding forecast cash flows, futureexpansion plans and development objectives of the Company are forward-looking statements. Although the company believes that the expectations reflected insuch forward-looking statements are reasonable, they involve subjective judgement, assumptions and analysis and are subject to significant risks, uncertainties andother factors, many of which are outside the control or, and are unknown to the Company. Accordingly, there can be no assurance that such statements orexpectations will prove to be accurate and actual results and future events may differ materially from those anticipated or described in this presentation. Historicinformation is not an indication or representation about the future activities of the Company. The Company disclaims any obligation or undertaking to disseminateany updates or revisions to any information contained in this presentation reflect any change in expectations, events, conditions or circumstances on which thatinformation is based. This presentation is provided on a strictly private and confidential basis, to be used solely by the recipient. Neither this presentation nor anyof its contents may be reproduced or used for any other purpose without the prior written consent of the Company. In accepting this presentation, the recipientagrees that it is provided solely for its use in connection with providing background information on the Company and that it is not used for any other purpose.

Competent Persons Statement

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiledby Mr. Jody Dahrouge, PGeo, is a Competent Person who is a Professional Geologist registered with the Association of Professional Engineers and Geoscientists ofAlberta, in Canada. Mr. Jody Dahrouge, PGeo, is the principal and founder of Dahrouge Geological Consulting Ltd. (Dahrouge). Dahrouge Geological Consulting Ltd.and all competent persons are independent from the issuer of this statement, MetalsTech Limited. Mr. Jody Dahrouge has sufficient experience that is relevant tothe style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Jody Dahrouge consents to the inclusion in thereport of the matters based on their information in the form and context in which it appears.

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▪ Hard rock lithium and cobalt exploration company with a portfolio of high grade assets in Quebec and Ontario, Canada

▪ Resource definition drilling underway at the 100% owned Cancet Lithium Project where up to 5.58% Li2O has been assayed in drill target zone from surface1

▪ Pending acquisition of two high grade cobalt projects in Ontario where assays include up to 15.36% Co2

▪ Excellent project infrastructure and access to some of the lowest cost and cleanest hydro-power globally

▪ Strategic technology licence agreement with Lithium Australia for SileachTM and LieNATM that will allow MTC to target lithium chemical production at of the low end of the cost curve

▪ Highly vested management team with a track record in building world class projects

1 Refer to ASX announcement dated 2 March 2017 and titled “Up to 5.58% Li2O in Drill Target Zone at MTC Cancet Project”

2 Refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”

Executive SummaryM E T A L S T E C H

ASX Listing February 2017

Public Raise A$4.3m

Shares on Issue undiluted 76,073,000

Market Capitalisation @30c $22.8m

Top Shareholders

--- Board & Management 39%

--- Top 20 Shareholders 73%

High grade lithium in spodumene drill core at Cancet

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2017 Value CatalystsM E T A L S T E C H

Geochemistry & GeophysicsQ2 2017

▪ Ground-based exploration at Terre Des Montagnes as a precursor to maiden drilling adjacent to Nemaska Lithium’s Whabouchi Mine

▪ Ground-based exploration at Cancet between Phase I and Phase II drill program

Drilling ProgramsUnderway

▪ Phase I of 4,000m resource definition drilling underway at Cancet▪ 2,000m maiden drill program at Adina to commence May 2017▪ Phase II of Cancet drill program to commence Q2 2017

Maiden JORC ResourceQ3 2017

▪ Maiden JORC Resource at Cancet▪ Maiden JORC Resource at Adina

Metallurgical TestingUnderway

▪ Drill core and/or bulk sample testing of spodumene from Cancet to achieve >90% Li extraction from bench scale tests using SileachTM

▪ Drill core and/or bulk sample testing of spodumene from Cancet to produce >95% Li2CO3 purity ppt from leach liquors using SileachTM

▪ Bulk sample testing through a continuous pilot plant operation to achieve >90% Li recovery and >85% from leach liquors using SileachTM

FeasibilityQ3 2017

▪ Completion of Scoping Study/Preliminary Economic Assessment at Cancet

CorporateUnderway

▪ Completion of acquisition of Bay Lake Cobalt Project▪ Consolidation of complementary cobalt-rich ground in Ontario

Cobalt & Lithium PricingOngoing

▪ Further news on supply constraints and expansions of lithium ion battery applications

Progress of NeighboursOngoing

▪ Further news relating to neighbouring Whabouchi Mine in respect of increased production and further offtake interest

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Gino D’Anna Michael VellettaRussell Moran

Extensive experience in resource exploration, public company operations, administration and financial management.

Particular experience in Canadian Government and First Nations relations in the mining sector.

Former Executive Director of Atrum Coal.

More than 20 years’ experience in corporate law and corporate governance.

A member of the Association of International Petroleum Negotiators, the Law Society of British Columbia and past governor of the Trial Lawyers Association of British Columbia.

Proven resources investor and operator with a track record of development success in Canada.

Founder and former Executive Director of North American anthracite mine developer Atrum Coal (ASX:ATU).

Chairman

(Executive)

Director

(Executive)

Director

(Non Executive)

Proven TeamS T R O N G C A N A D I A N E X P E R I E N C E

Shane Uren

Environmental Assessment (EA) experience includes; BHPs Ekati Diamond Mine, Cambior's Rosebel Mine, Inco Ltd.'s Goro Project, Novagold's Galore Creek Project, Thompson Creek Metal's Davidson Project, Atrum Coal’s Groundhog Project and Copper Fox Metal’s Schaft Creek Mine.

Director

(Non Executive)

Adrian Griffin

Technical Advisor

Lithium Australia NL

Geologist with specific experience in developing and implementing lithium extraction technologies for hard rock spodumene projects.

Currently Managing Director of Lithium Australia (ASX:LIT).

Operations Legal Permitting Technical

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BATTERY MINERALS

STRATEGY

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S T R A T E G Y

Battery Minerals Focus

COBALT (ONTARIO) Acquisitions Pending LITHIUM (QUEBEC)

Lithium and cobalt play a key role in mass adoption of lithium ion batteries

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Highlights

• Right to use and apply LITs proprietary lithium extraction technologies including SileachTM and LieNATM for the processing of its spodumene concentrate

• Exclusivity over LITs lithium extraction technologies within Quebec, Canada

• Managing Director of LIT, Mr Adrian Griffin to provide technical support to MetalsTech

SileachTM lithium extraction process illustrationSileachTM continuous pilot plant operation, ANSTO Minerals, Lucas Heights, NSW

The Strategic Technology Partnership with Lithium Australia (ASX:LIT) will allow MTC to:

• Produce lithium carbonate and hydroxide at the lowest end of the cost curve

• Strategically eliminate reliance on third party processing and optimise product quality

Partnership with Lithium AustraliaS T R A T E G I C T E C H N O L O G Y

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S T R A T E G Y

Becoming Competitive with Brine Production

▪ Hard rock projects in Quebec can compete with brine productions without the high CAPEX profile

▪ With the right technology hard rock mining can produce a higher grade lithium, with higher recovery rates

▪ The strategic partnership with LIT allows MTC to process lithium at the lowest end of the cost curve – which will directly compete with brine producers

▪ Case Example: Nemaska Lithium (TSX.NMX) has proven that hard rock mining can successfully compete against brine producers

AIMING TO BE COMPETITIVE WITH BRINE PRODUCTION WHEN COMBINED WITH NEW PROCESSING TECHNOLOGY

Why Hard Rock?

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Highlights

▪ Highly developed mining industry

▪ Supportive government – tax incentives and express permitting

▪ Host to large high-grade lithium deposits

▪ Easy access to Quebec-Hydropower –some of the cheapest and cleanest globally

▪ Fraser Institute – consistently top 10 mining jurisdiction in the world

▪ Major offtake opportunities within North America

▪ Clear path to indigenous consultation and collaboration

S T R A T E G Y

Why Quebec?

Low cost Quebe-Hydro Power

High Voltage Power Line Access

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L ITHIUM PROJECT

CANCET

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F L A G S H I P P R O J E C T

Cancet

Location

▪ 185km east of La Grande, a full service, regional airport with daily 2hr flights to Montreal – pop 1,100

Access & Infrastructure

▪ Bisected by the all-seasons Trans Taiga Highway

▪ Multiple trails facilitate access for drilling

▪ Bisected by high voltage power lines

Previous Exploration1

▪ Extensive spodumene-hosted pegmatites mapped for 1km with an average width of 16m

▪ CH16-01 was 12.8m in length including intervals of 1.71%, 2.35%, 3.08% and 4.95% Li2O

▪ CH16-02 was 10.6m in length including intervals of 1.19%, 2.11% and 2.50% Li2O

▪ CH16-03 was 4.1m in length including intervals of 1.22%, 2.54%, 3.55% and 5.58% Li2O

1 Refer to ASX announcement dated 2 March 2017 and titled “Up to 5.58% Li2O in Drill Target Zone at MTC Cancet Project”

Mineralisation

▪ Average Li2O across all channels at 1.47% Li2O measured higher than the major lithium deposits in Quebec1

▪ Elevated Ta2O5 across the majority of the identified mineralisation1

Metallurgy

▪ Cancet spodumene samples have been sent to the ANSTO laboratory in Australia for testing under Technology Partnership Agreement with Lithium Australia NL

▪ Seeking confirmation that SileachTM is able to extract lithium from the Cancet spodumene concentrate and achieve a representative >90% Li extraction from bench scale testing

RESOURCE DRILLING UNDERWAY

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C A N C E T

Drilling Underway at Cancet

Drilling

▪ Recent channel sampling in drill target zone yielded assays of up to 5.58% Li2O as well as elevated Ta2O5

1

▪ 4,000m diamond core drilling to test the strike, dip, and plunge continuity of several pegmatite outcrops

▪ Targets believed to be part of a large contiguous high grade lithium ore body

▪ Inferred & Indicated Resource modelling to follow

Drill plan at Cancet Lithium Project 1 Refer to ASX announcement dated 2 March 2017 and titled “Up to 5.58% Li2O in Drill Target Zone at MTC Cancet Project”

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P O R T F O L I O

Other Lithium Projects

Adina(100%)

▪ 2016 exploration program hit Li2O grades of 1.58%, 1.67%, 2.43%, 1.79%, 3.12% and 2.08% from surface1

▪ Drilling planned for May 2017 – complementary development with Cancet

Terre Des Montagnes (100%)

▪ Contiguous with Nemaska Lithium (TSX.NMX) Whabouchi Mine which hosts a resource of 43.8Mt @ 1.46% Li2O1

▪ Geochemistry, soil sampling, stripping, trenching for Q3 2017

Wells Lacourciere (100%)

▪ 200m2 bulk sample site containing assays of 2.87% to 4.0% Li2O with individual samples up to 7% Li2O1

▪ Geochemistry, soil sampling, stripping, trenching for Q3 2017

Kapiwak (100%)

▪ Contiguous with the James Bay Lithium Deposit owned by Galaxy Resources whichhosts 22.2Mt @ 1.28% Li2O1

Sirmac-Clapier (100%)

▪ Along strike of the NNE trend between the Sirmac deposit grading at 2.04% Li2Oand the Lac Clapier-Nord surface occurrence grading 1.38% Li2O1

1 Refer to the Independent Geologist Report at Section 8 of the Replacement Prospectus dated 7 December 2016

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COBALT PROJECT

BAY LAKE

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N E W A C Q U I S I T I O N

Bay Lake Acquisition Pending

Location

▪ Located in the historic Cobalt Mining District

▪ 20 mineral claims approximately 668 hectares

▪ Access via network of forestry roads and ATV tracks which link to a major highway

Previous Exploration

▪ The Cobalt Mining District has production estimates of over 600 million troy ounces of silver since the first discovery in 1903

▪ Known for its economically important Ag-Co veins

▪ Multiple historic mine shafts

▪ 15.36% Co assayed in massive cobalt rich veins at 27m depth1

UP TO 15.36% COBALT IN HISTORIC MINE SHAFTS1

Prospective Trend at Bay Lake Cobalt Project

1 Refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”

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L ITHIUM & COBALT

MARKETS

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M A R K E T S

Lithium

Lithium Uses

▪ Industrial grade >96% Li; glass, casting powders and greases

▪ Technical grade 99.5% Li; ceramics, greases and batteries

▪ Battery grade >99.5% Li; high end battery cathode materials

Demand

▪ Current demand is estimated at 160kt LCE with most market commentators expecting annual growth around 10%

▪ According to Goldman Sachs lithium demand for all EV applications could grow more than 11x by 2025, adding more than 310,000mt of LCE demand

GOLDMAN SACHS PREDICTS 11 TIMES GROWTH IN ELECTRIC VEHICLE DEMAND BY 2025

Source: Roskill – Lithium Market Outlook to 2017

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M A R K E T S

Lithium

Pricing

▪ Contract prices for battery grade material exceed USD$7,000/t

▪ CRU reports that battery grade material is trading at more than USD$20,000/t on the Chinese spot market

Source: Orocobre, Deutsche Bank, Canaccord

Supply

▪ 40% of global lithium supply comes from hard rock (as opposed to brine) sources

▪ Highly concentrated market with four major plays accounting for 85% of global supply; SQM, Albermarle, FMC Corp and Talison

STRONG PRICING WITH CONSUMERS DESPERATE FOR SUPPLY DIVERSITY

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M A R K E T S

Cobalt

Cobalt Uses

▪ Lithium cobalt oxide (LiCoO2) is widely used in lithium ion battery cathodes

Demand

▪ Global cobalt demand has increased an average 17.9% year-on-year from 1999 to 2015

Supply

▪ Limited opportunities for new supply outside of the Democratic Republic of Congo which is 65% of global supply

Pricing

▪ Cobalt metal has historically traded between USD$15/lb and USD$30/lb

▪ Currently trading at highs due to explosive growth in the adoption of lithium ion batteries Source: ResearchInChina

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ASX:MTC

Perth Office

Suite 1, 100 Hay Street

Subiaco WA 6008

Russell Moran M +61 415 493 993

russell@metalstech.net

Gino D’Anna M +61 400 408 878

gino@metalstech.net

Rachel Hammett M +61 466 281 369

rachel@metalstech.net

Canada Office

C/O Velletta & Company

4th Floor – 931 Fort Street

Victoria BC V8V 3K3 Canada

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Lithium Projects, Quebec

JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling

techniques

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised

industry standard measurement tools appropriate to the minerals under investigation,

such as down hole gamma sondes, or handheld XRF instruments, etc). These

examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the

appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple

(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was

pulverised to produce a 30 g charge for fire assay’). In other cases more explanation

may be required, such as where there is coarse gold that has inherent sampling

problems. Unusual commodities or mineralisation types (eg submarine nodules) may

warrant disclosure of detailed information.

No drilling completed to date.

Rock samples comprise multiple chips considered to be representative of the horizon

or outcrop being sampled.

Samples submitted for assay typically weigh 2-3 kg.

Continuous channel sampling of trenching ensures the samples are representative.

Entire 2-3 kg sample is submitted for sample preparation.

Drilling

techniques

• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger,

Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of

diamond tails, face-sampling bit or other type, whether core is oriented and if so, by

what method, etc).

No drilling completed.

Drill sample

recovery

• Method of recording and assessing core and chip sample recoveries and results

assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the

samples.

• Whether a relationship exists between sample recovery and grade and whether sample

bias may have occurred due to preferential loss/gain of fine/coarse material.

Not applicable.

Logging • Whether core and chip samples have been geologically and geotechnically logged to a

level of detail to support appropriate Mineral Resource estimation, mining studies and

metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)

photography.

• The total length and percentage of the relevant intersections logged.

All trenches sampled are logged continuously from start to finish with key geological

observations recorded.

Logging is quantitative, based on visual field estimates.

Sub-sampling

techniques and

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or

dry.

Sample preparation follows industry best practice standards and is conducted by

internationally recognised laboratories, either SGS Laboratories in Lakefield, Ontario or

Activation Laboratories Ltd in Val d’Or, Quebec.

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Criteria JORC Code explanation Commentary

sample

preparation

• For all sample types, the nature, quality and appropriateness of the sample preparation

technique.

• Quality control procedures adopted for all sub-sampling stages to maximise

representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material

collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

Oven drying, jaw crushing and pulverising so that 85% passes 75 microns.

Blanks have been submitted every 50 samples to ensure there is no cross

contamination from sample preparation.

Measures taken include (a) systematic sampling across whole pegmatite zone; (b)

comparison of actual assays for blanks with theoretical values.

Sample size (2-3 kg) accepted as general industry standard.

Quality of assay

data and

laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures

used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters

used in determining the analysis including instrument make and model, reading times,

calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (eg standards, blanks, duplicates,

external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias)

and precision have been established.

Assay and laboratory procedures have been selected following a review of techniques

provided by internationally certified laboratories. In addition, the sample preparation

laboratory in Quebec and Ontario is regularly visited to ensure high standards are

being maintained.

Samples are submitted for multi-element analysis by Activation Laboratories and SGS

Laboratories. Where results exceeded upper detection limits for Li and/or Ta, samples

are re-assayed.

The final techniques used are total.

None used.

Barren granitic material is submitted every 50 samples as a control.

Comparison of results indicates good levels of accuracy and precision. No external

laboratory checks have been used.

Verification of

sampling and

assaying

• The verification of significant intersections by either independent or alternative

company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage

(physical and electronic) protocols.

• Discuss any adjustment to assay data.

None undertaken.

Not applicable.

All field data is manually collected, entered into excel spreadsheets, validated and

loaded into an Access database.

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Criteria JORC Code explanation Commentary

Electronic data is stored in Quebec. Data is exported from Access for processing by a

number of different software packages.

All electronic data is routinely backed up.

No hard copy data is retained.

None required.

Location of data

points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole

surveys), trenches, mine workings and other locations used in Mineral Resource

estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

All trench start points and geochemical samples are located using a hand held GPS.

Trenches are surveyed using hand held compass and clinometer.

The grid system used is UTM. However, for reporting purposes and to maintain

confidentiality, local coordinates are used for reporting.

Nominal RL’s based on topographic datasets are used initially, however, these will be

updated if DGPS coordinates are collected.

Data spacing and

distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of

geological and grade continuity appropriate for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

Only reconnaissance trenching and sampling completed – spacing variable and based

on outcrop location and degree of exposure.

Not applicable.

None undertaken.

Orientation of

data in relation to

geological

structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures

and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised

structures is considered to have introduced a sampling bias, this should be assessed

and reported if material.

Sampling completed at right angles to interpreted trend of pegmatite units.

None observed.

Sample security • The measures taken to ensure sample security. Geological team supervises all sampling and subsequent storage in the field. The

same geological team delivers the samples to Activation Laboratories or SGS

Laboratories and receives an official receipt of delivery.

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Criteria JORC Code explanation Commentary

Audits or reviews • The results of any audits or reviews of sampling techniques and data. None completed.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary

Mineral tenement

and land tenure

status

• Type, reference name/number, location and ownership including agreements or

material issues with third parties such as joint ventures, partnerships, overriding

royalties, native title interests, historical sites, wilderness or national park and

environmental settings.

• The security of the tenure held at the time of reporting along with any known

impediments to obtaining a licence to operate in the area.

MetalsTech has the right to acquire 100% of the Wells-Lacourciere, Cancet and Adina

lithium projects pursuant to three separate binding acquisition agreements.

There are no other material issues affecting the tenements.

Upon the completion of the obligations pursuant to the legal agreements, MetalsTech

will own 100% of the lithium projects and ownership of the individual CDC claims will

be transferred to MetalsTech.

All tenements are in good standing and have been legally validated by a Quebec

lawyer specialising in the field.

Exploration done

by other parties

• Acknowledgment and appraisal of exploration by other parties. No modern exploration has been conducted.

Government mapping records multiple lithium bearing pegmatites within the project

areas but no other data is available.

Geology • Deposit type, geological setting and style of mineralisation. Wells-Lacourciere

The Property area is primarily underlain by rocks of the Late Archean Pontiac

Subprovince. Underlying the majority of the Property is the Decelles Reservoir

Batholith, which comprises granite, pegmatite, tonalite, and granodiorite. The

northwestern edge region of the Property is underlain by monzodiorites of the Lac

Fréchette pluton. Both of these units intrude into wacke, mudrock and schists of the

Pontiac group, which strike approximately 255° and dip at 40°. The Pontiac group also

locally exhibits basalts and ultramafic rocks, namely in the northeastern portion of the

claim block. Amphibolite dikes and ultramafic intrusions have been identified

throughout the Lac Fréchette pluton and the rocks of the Pontiac group. (GM 14918)

The pegmatite dike at the Wells-Lacourciere occurrence outcrops in a large hill of

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Criteria JORC Code explanation Commentary

granite on the west side of the road passing by the occurrence. It strikes 310° and dips

steeply to the north. It is traceable along surface for a distance of about 600 metres,

while its width varies from 8 to 15 metres.

Adina

Several spodumene-bearing pegmatite outcrops were located and chip sampled.

Together, the outcrops sampled span a strike length of about 680 metres. The length of

the pegmatite is likely longer, but available time limited the amount of prospecting along

strike. The outcrops contained large green spodumene crystals averaging 5 to 15 cm in

length, with some crystals up to 40 cm. Visual estimates of spodumene range between

5% and 20%, and locally up to 25%.

There is some country rock (metavolcanics and metasediments) within the mapped

outcrop area. The 2014 regional mapping that displays the pegmatite as a coherent

block is somewhat misleading as although it is the dominant rock type, there are also

inter-fingerings/rafts of the country rock present in the area. It should be noted that the

ridge containing the spodumene-bearing outcrop continues for an additional three

kilometres to the southwest within the active claims held by MetalsTech.

Cancet

The historically sampled outcrop, as well as three additional proximal outcrops of white

pegmatite, was located and chip sampled. All four outcrops, spaced over 120 m,

displayed large green spodumene crystals averaging 15-20 cm in size, with some

crystals as large as 60 cm. These values are significantly higher than the historic

results, likely due to inaccurate historic sampling techniques. As an example, when the

exact location of the historic sample was identified, it initially appeared that the

sampled outcrop lacked any obvious spodumene crystals. As the pegmatite was

difficult to sample with a hammer and chisel, it is likely that the historic sampler just

took one piece of outcrop that was easiest to break off, resulting in a negatively biased

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Criteria JORC Code explanation Commentary

Drill hole

Information

• A summary of all information material to the understanding of the exploration results

including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill

hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

• If the exclusion of this information is justified on the basis that the information is not

Material and this exclusion does not detract from the understanding of the report, the

Competent Person should clearly explain why this is the case.

See tables and / or appendices attached to this report.

Data aggregation

methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or

minimum grade truncations (eg cutting of high grades) and cut-off grades are usually

Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer

lengths of low grade results, the procedure used for such aggregation should be stated

and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly

stated.

Intercepts are calculated on a per sample basis according to the results from the

laboratory with no bottom cut-off grade and no top cut-off grades.

Short intervals of high grade that have a material impact on overall intersection are

highlighted separately.

None reported.

Relationship

between

mineralisation

widths and

intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its

nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear

statement to this effect (eg ‘down hole length, true width not known’).

The relationship between true widths and the width of mineralised zones intersected in

trenching has not yet been determined due to lack of structural data (i.e. dip).

Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be

included for any significant discovery being reported These should include, but not be

limited to a plan view of drill hole collar locations and appropriate sectional views.

None included.

Balanced

reporting

• Where comprehensive reporting of all Exploration Results is not practicable,

representative reporting of both low and high grades and/or widths should be practiced

to avoid misleading reporting of Exploration Results.

Results for all sampling completed are listed in Appendix A attached to the body of this

report.

Other substantive

exploration data

• Other exploration data, if meaningful and material, should be reported including (but

not limited to): geological observations; geophysical survey results; geochemical

survey results; bulk samples – size and method of treatment; metallurgical test results;

bulk density, groundwater, geotechnical and rock characteristics; potential deleterious

or contaminating substances.

All meaningful and material data is reported.

Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth Detailed geochemistry and geology to determine trends of known mineralised zones

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extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main

geological interpretations and future drilling areas, provided this information is not

commercially sensitive.

and to delineate other Li and Ta anomalies.

Further trenching to determine structural orientation of pegmatites.

Drilling.

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Cobalt Projects, Ontario

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling

techniques

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised

industry standard measurement tools appropriate to the minerals under investigation, such

as down hole gamma sondes, or handheld XRF instruments, etc). These examples should

not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate

calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg

‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was

pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may

be required, such as where there is coarse gold that has inherent sampling problems.

Unusual commodities or mineralisation types (eg submarine nodules) may warrant

disclosure of detailed information.

No drilling completed to date.

Rock samples comprise multiple chips considered to be representative

of the horizon or outcrop being sampled.

Samples submitted for assay typically weigh 2-3 kg.

Continuous channel sampling of trenching ensures the samples are

representative. Entire 2-3 kg sample is submitted for sample

preparation.

Drilling

techniques

• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka,

sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails,

face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

No drilling completed.

Drill sample

recovery

• Method of recording and assessing core and chip sample recoveries and results

assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the

samples.

• Whether a relationship exists between sample recovery and grade and whether sample

bias may have occurred due to preferential loss/gain of fine/coarse material.

Not applicable.

Logging • Whether core and chip samples have been geologically and geotechnically logged to a

level of detail to support appropriate Mineral Resource estimation, mining studies and

metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)

photography.

• The total length and percentage of the relevant intersections logged.

All trenches sampled are logged continuously from start to finish with

key geological observations recorded.

Logging is quantitative, based on visual field estimates.

Sub-sampling

techniques

and sample

preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation

technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity

of samples.

Sample preparation follows industry best practice standards and is

conducted by internationally recognised laboratories, at SGS

Laboratories in Lakefield, Ontario.

Oven drying, jaw crushing and pulverising so that 85% passes 75

microns.

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• Measures taken to ensure that the sampling is representative of the in situ material

collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

Blanks have been submitted every 50 samples to ensure there is no

cross contamination from sample preparation.

Measures taken include (a) systematic sampling across whole outcrop

zone where present; (b) comparison of actual assays for blanks with

theoretical values.

Sample size (2-3 kg) accepted as general industry standard.

Quality of

assay data

and laboratory

tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used

and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters

used in determining the analysis including instrument make and model, reading times,

calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external

laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and

precision have been established.

Assay and laboratory procedures have been selected following a

review of techniques provided by internationally certified laboratories.

In addition, the sample preparation laboratory in Ontario is regularly

visited to ensure high standards are being maintained.

Samples are submitted for multi-element analysis by SGS

Laboratories. Where results exceeded upper detection limits for Co,

samples are re-assayed.

The final techniques used are total.

None used.

Barren granitic and calcite material is submitted every 50 samples as a

control.

Comparison of results indicates good levels of accuracy and precision.

No external laboratory checks have been used.

Verification of

sampling and

assaying

• The verification of significant intersections by either independent or alternative company

personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage

(physical and electronic) protocols.

• Discuss any adjustment to assay data.

None undertaken.

Not applicable.

All field data is manually collected, entered into excel spreadsheets,

validated and loaded into an Access database. Electronic data is stored in Ontario as well as at the site office of

MetalsTech in Quebec. Data is exported from Access for processing

by a number of different software packages. All electronic data is routinely backed up. No hard copy data is retained.

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Criteria JORC Code explanation Commentary

None required.

Location of

data points

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),

trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

All trench start points and geochemical samples are located using a

hand held GPS.

Trenches are surveyed using hand held compass and clinometer. The grid system used is UTM. However, for reporting purposes and to

maintain confidentiality, local coordinates are used for reporting. Nominal RL’s based on topographic datasets are used initially,

however, these will be updated if DGPS coordinates are collected.

Data spacing

and

distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological

and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation

procedure(s) and classifications applied.

• Whether sample compositing has been applied.

Only reconnaissance trenching and sampling completed – spacing

variable and based on outcrop location and degree of exposure.

Not applicable.

None undertaken.

Orientation of

data in

relation to

geological

structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures

and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised

structures is considered to have introduced a sampling bias, this should be assessed and

reported if material.

Sampling completed at right angles to interpreted trend of outcrop

mineralised units.

None observed.

Sample

security

• The measures taken to ensure sample security. Geological team supervises all sampling and subsequent storage in

the field. The same geological team delivers the samples to SGS

Laboratories in Lakefield, Ontario and receives an official receipt of

delivery.

Audits or

reviews

• The results of any audits or reviews of sampling techniques and data. None completed.

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Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary

Mineral

tenement and

land tenure

status

• Type, reference name/number, location and ownership including agreements or

material issues with third parties such as joint ventures, partnerships, overriding

royalties, native title interests, historical sites, wilderness or national park and

environmental settings.

• The security of the tenure held at the time of reporting along with any known

impediments to obtaining a licence to operate in the area.

MetalsTech has the right to acquire 100% of the Bay Lake and New

Athona Cobalt projects pursuant to the respective binding acquisition

agreements.

There are no other material issues affecting the tenements. Certain

surface rights exist on parts of the Bay Lake project, but these do not

compete with the subsurface or mineral rights over the project, which are

being acquired by MetalsTech. Upon the completion of the obligations pursuant to the legal agreements,

MetalsTech will own 100% of the cobalt projects and ownership of the

individual claims will be transferred to MetalsTech. All tenements are in the process of being legally validated by an

independent lawyer to provide an opinion as to the good standing nature

of the claims. The independent lawyer selected is a specialist in the field.

Exploration

done by other

parties

• Acknowledgment and appraisal of exploration by other parties. No modern exploration has been conducted. Historical exploration and government mapping records multiple cobalt

mineralised zones within the project areas but no other data is available.

Geology • Deposit type, geological setting and style of mineralisation. The Bay Lake and New Athona Cobalt projects are composed of

principal ore veins, cross-veins, masses of mineralised Keewatin

interflow rocks, and disseminated minerals in the Gowganda Formation,

Coleman Member. Only the principal ore veins contain silver ore and

they occur primarily in the Coleman Member.

The veins also contain cobalt indicator minerals such as arsenides and

native silver (principal metal veins). The arsenides, including nickel,

cobalt, and iron varieties, occur as massive lenses and disseminated

grains in the carbonate veins. Some massive lenses extend across the

entire widths of the veins, others present as irregular bodies in the

centres of the veins, and still others occur at the edges of the veins.

The distribution of cobalt indicator minerals from top to bottom of the

veins are rich in the following elements (i) nickel, (ii) cobalt and (iii) iron.

The veins can be classified as Ni-As, Ni-Co-As, Co-Fe-As and Fe-As.

Silver grades exhibit a very different zonation implying that previous

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production has excluded multiple areas of cobalt mineralisation.

Drill hole

Information

• A summary of all information material to the understanding of the exploration results

including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill

hole collar

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

• If the exclusion of this information is justified on the basis that the information is not

Material and this exclusion does not detract from the understanding of the report, the

Competent Person should clearly explain why this is the case.

No drilling exists.

Data

aggregation

methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or

minimum grade truncations (eg cutting of high grades) and cut-off grades are usually

Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer

lengths of low grade results, the procedure used for such aggregation should be stated

and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly

stated.

Intercepts are calculated on a per sample basis according to the results

from the laboratory with no bottom cut-off grade and no top cut-off

grades.

Short intervals of high grade that have a material impact on overall

intersection are highlighted separately.

None reported.

Relationship

between

mineralisation

widths and

intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its

nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear

statement to this effect (eg ‘down hole length, true width not known’).

The relationship between true widths and the width of mineralised zones

intersected in trenching has not yet been determined due to lack of

structural data (i.e. dip).

Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be

included for any significant discovery being reported These should include, but not be

limited to a plan view of drill hole collar locations and appropriate sectional views.

None included.

Balanced

reporting

• Where comprehensive reporting of all Exploration Results is not practicable,

representative reporting of both low and high grades and/or widths should be practiced

to avoid misleading reporting of Exploration Results.

Results for all sampling completed are listed in the body of this report.

Other

substantive

exploration data

• Other exploration data, if meaningful and material, should be reported including (but

not limited to): geological observations; geophysical survey results; geochemical

survey results; bulk samples – size and method of treatment; metallurgical test results;

bulk density, groundwater, geotechnical and rock characteristics; potential deleterious

or contaminating substances.

All meaningful and material data is reported. For

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Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth

extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main

geological interpretations and future drilling areas, provided this information is not

commercially sensitive.

Detailed geochemistry and geology to determine trends of known

mineralised zones and to delineate other Co-Ag anomalies. Further trenching to determine structural orientation of mineralised

zones.

Conducting an Airborne EM survey over the two key project areas.

Conduct an IP survey.

Drilling.

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